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European official: Digital currencies inefficient way to pay

FRANKFURT, Germany (AP) — A top European monetary official says digital currencies are no substitute for conventional money issued and managed by central banks.

Jens Weidmann said in a speech Wednesday that digital currencies such as Bitcoin are not good means of payment because their values fluctuate so rapidly.

Weidmann is head of Germany's national central bank and also sits on the governing council of the European Central Bank, issuer of the shared euro currency.

He said that central banks did not need to issue such currencies themselves, which he said could heighten the risk of bank runs.

He said that "for a stable monetary and financial system we need no crypto-tokens, but rather central banks obligated to price stability and effective banking regulation, and we have both in the eurozone."